How much power does the global bitcoin mining systems of the world consume? A freaking lot. According to new studies, bitcoin-related power consumption has hit new highs in 2020.
Bitcoin-related power consumption chews over 7 gigawatts of power, with a new study from the Cambridge Center for Alternative Finance saying that the global bitcoin mining industry uses 7.64 GW of power -- equivalent to around 63.32 terawatt-hours of energy consumption.
With power costs of around $0.03 to $0.05 per kWh in 2020, March estimations had around $4000 in profits with the March 2020 price of bitcoin at around $7500. That's not bad, but you need the super-low power prices and enough ASICs to do it.
The current Bitcoin mining hashrate is at around 120EH/s with its high scraping 140EH/s this year, with new Bitcoin mining facilities opening up across the world that hashrate continues to skyrocket -- and with it, power consumption across the world.
Bitcoin.com reports that researchers from Bitooda estimate that China has around 50% of the global Bitcoin mining hashrate.
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